Wings Capital Partners has closed an unsecured corporate revolving credit facility provided by City National Bank. In addition, Wings recently completed the refinancing of four aircraft in a $76m secured loan facility.
Jakob Gallagher, Senior Vice President, Treasurer & Head of Capital Markets said: “We are very pleased with the closing of both transactions. Our first unsecured revolving credit facility provides operational flexibility to efficiently finance our day-to-day business. In addition, the refinancing shows our ability to continue to execute in these challenging markets and improves our balance sheet by eliminating our only near-term debt maturity. Wings appreciates the continued support from our financing partners, which allows us to efficiently execute our business plan and navigate the evolving markets.”
The term facility was due to mature early next year and Wings proactively refinanced the vehicle using its existing warehouse loan facility.